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fiscal cliff about spending cuts that kick in at the end of next month. it was another down day on wall street as investors grow increasingly worried about whether they can avoid financial disaster. they are deadlocked over raising taxes on well, the they are americans. -- wealthier americans. sea think he should stop campaigning. >>> they are working out an agreement and he is back on the campaign trail, presumably with the same old talking points we are quite familiar with. >> reporter: but they say the white house is fully engaged while taking his case to the public. >> now that the election is over, we should stop talking to them about these vital issues i think is bad advice. >> reporter: how the president is taking his message to social media i will have that during my next update. allison burns, ktvu channel 2 morning news. >>> and city leaders are asking for advanced warning in the event same sex marriage becomes formally legalized. california's voter approve ban on gay marriage and if the high court refuses to hear proposition 8 would stand and become legal in california. san f
on the fiscal cliff. should stop spending in its tracks. >> the house of pain. >> welcome to a world, a ball of confusion. confusion that produces results like we had today in the market. where the averages swung wildly, dow falling 89 points. nasdaq drifting 3.80% lower. they actually got their way out of the down turn at the same time that the fiscal cliff jump would send us right back into one. conundrum, paradox? how can it be? a couple of reasons. first is what really matters. number one asset, her house, and that house price is going higher as we found out from the 3% gain in home prices reported by the case-shiller survey this morning. you get the property values up and you get a consumer who feels that all is not lost. 14,000 may be transitioning from the hole in their house to being in the black again. that could be driving this whole confidence locomotive. >> all aboard. >> it is the single biggest variable that has changed in the last year. the last time we worked the consumer confidence level, it was in february of 2008. home prices were beginning their traumatic fall. we could b
in the fiscal cliff, government spending cuts and tax side and we feel they will negotiate down, put forth a package. that package will be torn apart and to not full too much gdp, i see growth happening but if it is viewed take too much bread out of the economy weakens the into recession and that is why we are cautious short-term right now making rebalance as soon as they deliver a package about the fiscal cliff. dave: with a price target on apple? >> 725. dave: if you would do this for five seconds, >> institutional ownership, google 66. dave: thank you very much. dave: the s&p futures pit. >> thanks for having me. dave: no action but plenty of meeting inside the beltway. the president ready to sit down with more ceos to discuss coming tax increases and potential budget cuts. we haven't seen any suggestions. middle class americans, we are live at the white house. liz: main street businesses taking matters into their own hands. sending this letter to congress urging them to have tax reform. we are talking to the ceo, president of the national federation of independent business who signed a
to submit. what's everybody talking about? >> the fiscal cliff. >> stephen: fiscal cliff, yeah. >> trillions of dollars of spending cuts and tax increases that are going to happen when the ball drops on new year's eve unless president obama and congress come to some sort of compromise. >> stephen: all right so, we're all doomed. >> it's like the movie thaw you have to either cut off your arm or die. so they will come-- they will cut off their arm. >> stephen: do you know, do you know what kind of ratings the news could get if they could get politicians to cut off their arms on camera? okay. -- (cheers and applause) >> stephen: as i said senior white house correspondent for abc news. the only news anybody watches any more. >> i think that's true. >> stephen: and you have got eye new book here called the outpost, an untold story of american valor. this is about the war in afghanistan. >> it's about one combat outpost in afghanistan, 14 miles from the pakistan border, built at the bottom of three very steep mountains, built in 2006. and overrun in 2009 by the taliban. >> stephen: let's put a pi
the proverbial road to ruin. some think then that the fiscal cliff slash spending and taxes is not economic suicide but the very opposite. the last resort for avoiding a fatal whirlpool of debt. so what about more debt? will it destroy us or won't it? how bad would it be to barrel over the cliff? enter former i.m.f. economist simon johnson of m.i.t. he's written a book, white house burning, on the history of u.s. debt, its why's and wherefors and get this its considerable virtues. we asked if he could provide a tv version. the answer was a mobile history lesson. starting at the museum where every 15 minutes they re-enact the dumping that helped make a town famous and a group of contentious colonies united. so to begin you're in boston. what's your fundamental thesis? >> the american republic is born partially in a tax revolt. this is the at a party site where they threw the at a over because they didn't like the tax system. so this has been a fundamental debate and argument from the beginning of the american republic. we come back today to exactly the same sorts of issues. >> country men...
's soul and principles over the fiscal cliff debate. why is nobody talking ip t inin media about spending cuts. let's talk to brent great to see you on the show. thank you for coming. let me start with this thought. over this fiscal cliff debate. nobody is cutting spending. everybody is talking about taxes. is the gop losing it's soul and principles? >> no one is being serious in it's debate. the fellow from adi is making sound statements. but he is whistling past the graveyard. there is no problem that the obama budget calls for spending giving us a deficit of $1 trillion per year as far as the eye can see. tax cuts didn't cause this. it is spending that caused this. you go to spending. you have the cpo itself is saying the only way to do this is getting obamacare out of there. what are the republicans starting to say? this will destroy the republican party because the party will have lost it soul. what else differentiates it from the party? >> here is the problem. the republicans have been saying for two years that this tax increase would destroy jobs and hope for a recovery. either the
. suggesting he and lawmakers come up with spending cuts next year after they avoid the fiscal cliff, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put revenue on the table. but it's time for the president and democrats to get serious about the spending problem that our country has. >> the president's move came one day after two other big developments, suggesting democrats want tax hikes on the rich now, with the promise of cuts to programs like medicare later. on tuesday, senator dick durbin flatly declared entitlement reform should not be on the table. yesterday, top white house officials also met with leading liberal groups, from labor unions to with one at
to avert the so-called fiscal cliff, those are the tax increases and spending cuts that will take effect next year. republicans and democrats continue to squabble over raising taxes and sparing entitlement programs like medicare and medicaid. today the president discusses the issues with leaders of major corporations. he met with small business leaders yesterday. susan mcginnis is in washington. >> reporter: while the two sides remain deadlocked president obama is taking his case to the american people trying to drum up support. republicans are complaining that instead of being out campaigning he needs to sit down with them and work out a deal. it's a short drive up pennsylvania avenue from the capital to the white house but congressional republicans and president obama are getting farther apart in their effort to keep the nation from veering off the so-called fiscal cliff. a series of tax hikes and spending cuts due to kick in at the end of the year. >> seems like our friends on the other side is having difficulty turning off the campaign. >> reporter: the white house says the campaign
for simultaneous tax hikes and spending cuts in the united states known as the fiscal cliff. the analysts expect the eurozone will contract again in 2013 and they say the region's gross domestic product will shrink by 1/10th of a percent and predicted positive growth of 0.9% in the previous report six months ago. they lowered the growth expectation for the united states economy from 2.6% to 2%. they pointed to a sluggish recovery. the document warns the fiscal cliff would not only deal a heavy blow to the u.s. but might drag the global economy into recession. as for japan, the oect downgraded the outlook from 1.5% to 0.7%. they cited weak domestic demand. analysts urged the nation to compile detailed reliable plans for fiscal reform. u.s. consumer sentiment hit the highest level in more than four and a half years. researchers at analytics form the conference board say the consumer confidence index rose for a third straight month. the numbers rose to 73.7 in november, up from 73.1 in october. that's against a base value of 100 set in 1985. they say that the christmas shopping season started smoot
is struck over the fiscal cliff. the automatic spending cuts, defense and non-defense. in the report, educational achievement and special- education programs would be shaved by an 2.3 billion. this was written in september. in "politico" there is an opinion piece by the person who serves on the education board, president of the national school boards association and member of the board of education in kentucky. he writes -- so a little better about money and this conversation we're having this money, ties into the fiscal cliff talks, because defense and non-defense spending, automatic cuts take place if no deal is reached. so we are turning to all of you outside washington this morning. how would you fix your school system? natasha in macon, georgia, an educator. caller: yes. host: what are your thoughts? caller: schools need to allow various ways of teaching. a very rigid process where we are looking for one out, but not allowing different ways to teach multiple varieties of students. host: what does that mean? you have to teach in a certain way because of testing requirements? call
at the fiscal cliff. the dramatic fiscal tightening triggered by this press this could tip the u.s. and possibly the whole global economy into recession. here is more. >> precision craftsmanship, made in the usa the marlon still company in baltimore produces wire baskets for the automobile, defense, and medical industries. it is one of the fastest-growing companies in the u.s. the company president wants to keep it that way, but at the moment, he is holding off on further investments. >> this robot is a good quality robot. phowever, we want to buy the brand-new version that is made in germany. we are pausing right now because of the fiscal cliff. there is so much uncertainty about what will happen in the future. we are not pulling the trigger to by the german robot. >> the prospect of falling off the fiscal cliff frightens more than just greenblatt. numerous business owners across the country are withholding investments in choosing not to hire new workers. that is because numerous tax advantages expire at the end of the year, and at the same time, the federal government looks set to drastically
weeks away from the fiscal cliff and still no progress. there is a massive tax hike in spending cuts, it only intensifies on comments by harry read essentially confirming the budget talks still remain worlds apart. the dow down nearly 90 points. >> this will be a big topic in the future. college loan debt. that could be the next housing bubble. >> the federal lending making college education to any one is really only creating a pile of debt so large that since 2007 it has risen 56 percent while other forms of debt like auto debt mortgage debt that declined. u.s. student debt rose $950 billion according to the federal bank of new york. now 11 percent of those balances are at least 90-days late. that is higher than credit card late payments for the first time in history. >> if the student continue to default that is the u.s. taxpayers picking up the tabs. >> most of the student debt is in the grace period so the number is probably even higher. >> we will keep following that one. christmas air fares are expected to be up. airlines continue to gouge us. >> you will pay 8 percent more tha
, after discouraging news about the so-called fiscal cliff, when tax cuts expire and drastic spending cuts kick in at the end of the year. the senate's top democrat says he's frustrated by the lack of progress. the dow fell 89 points. the nasdaq index was off nine. >>> big tobacco is being told to confess. a federal judge is ordering the tobacco companies to admit publicly that they lied about the dangers of smoking. they must also take out ads that say smoking is responsible for some 1,200 deaths every, single day. the judge, yesterday, gave explicit instructions on the wording of the ads. still, no reaction yet from the tobacco companies themselves. >>> a congressional watchdog agency says it is time to dump the dollar bill. the government accountability office says the u.s. could save almost $150 million a year by switching to dollar coins. now, bills only last about 18 months while coins last for years. but the gao admits, the public prefers paper money. >> all that jingling in your pocket would get annoying. >>> a second apple executive has reportedly lost his job over the map app fla
the so-called "fiscal cliff." a series of tax hikes and spending cuts due to kick in at the end of the year. >> seems like our friends on the other side are having some difficulty turning off the campaign. >> reporter: the white house says the campaign gives the president support from the american people. >> the election was conclusive in terms of which path a majority of americans want to take. >> reporter: president obama will try to build support when he meets with middle class americans here in washington today. he will ask them how the "fiscal cliff" could impact their lives. on tuesday, he invited small business owners into the oval as of to offer their ideas. >> they had one message for the president at the oval office, they need certainty. please get this deal done as soon as possible. >> reporter: but spend anytime on capitol hill and it's easy to see a deal isn't forthcoming soon. >> there's been little progress with the republicans, which is a disappointment to me. >> their hard left doesn't want to change anything ever. they think any dollars spent or any commitment
if there is no real spending cuts, they will go off the fiscal cliff, don't think republican!!therepublicans willl without spending. melissa: maybe we will raise taxes now on folks and make a promise down the road to get back together in six months or so or talk about spending cuts somewhere down the road. that would be frustrating to a lot of republicans, do you think they would take that deal? speak i understand the chances of winning the lottery are better than getting the cuts in the future. if they don't get an agreement right now that is firm and real. lori: had to get something specific, not just cut and number, and it turns out like this come in th and the situatih his exploding deadline and may be a number but no specifics in my mind it ends up not happening. >> they can take a framework, but the left tax increases there will be. there will be a tipping point somewhere to get a deal. one thing nobody mentions, the president glossed over this morning. taxes are going up no matter what thanks to obamacare there are surcharges that are not on the table. tax rates are going up regardless of w
're willing to work with you on the fiscal cliff issues, on the debt ceiling, all those things, but we have to do something about what's causing the debt, and that's runaway federal spending. the problem isn't that we tax too little, we spend too much. >> greta: the democrats wanted the taxes to go on the rich, those over $250,000, and we still have the structural problem in that it doesn't solve the problems. it solves the problems for eight or nine days. do they say anything about that? >> no. if you raise taxes, they think you'll get more revenue, $68 billion, which actually funds the government for less than a week, but you give all that revenue back in the form of lower economic growth. i mean, you're going to lose growth in the economy. that's what generates more government revenue, is more economic growth. >> greta: even if you give them that money, still you only fund eight days. if you let them tax the rich, you still only have eight days, still have the same infrastructure and same sort of economic structure of our country unless we do something about it, we're cooked. >> right. w
as governor pawlenty describes him. spending will not be part of the fiscal cliff negotiation, according to senator dick durbin. i wonder, from governor pawlenty's perspective, does that mean we're going over the fiscal cliff then? >> well, i saw the senator's interview while i was waiting here at the cnn in washington, d.c. and you know, he, of course it's early yet by legislative time clock. i don't mean early in terms of the severity of it and the fact that they've got to deal with this but a lot of this is posturing and negotiation and putting markers out and feelers out and trial balloons and the like. so i certainly was hoping for a more specific details from the senator's interview but we've got to give everybody a little latitude because it's a very sensitive topic for the democrats to touch entitlement programs. it's a very sensitive topic for republicans to touch revenues. and you don't want to push people so far into corners that they feel they have no -- no way out. you've got to let them live and get together in a place where they both can declare some success. >> governor t
and the president are no closer to a deal to avoid masigs, tax increases in spending cuts that so called fiscal cliff. the senate top rbi republican says the president is back on the trail instead of sitting down with lawmakers to negotiate a settlement. the president met with small business owners to built support for the aproich. tomorrow, meeting with middle class families. the president wants higher taxes for the wealthy. and un ambassador susan rice went to capitol hill to meet with republican senators. she's high on the list to secretary of state. she's been under fire from senate republicans over the attac killed four americans, including u.s. ambassador chris stevens. today's meeting did not go well. >> we're doubled by many of the answers that we got. i'm more disturbed now than before. >> the republican senators stopped short of saying they'd block the nomination. they say they need more information and have more questions about the incident in benghazi. >> we're coming up on december to 1. that is the day mayans said the world would end. one scientist has been answering countless let
concerns about the president's plan to avoid tax hikes and spending cuts associated with the fiscal cliff. especially a campaign-style warning to middle class voters. it may be more about the 2014 mid-term elections than fiscal responsibility. it's one of the traditional sounds of the christmas season but it will be a silent night for the salvation army bell ringers in one american community. why? [ male announcer ]lka-seltzer plus presents the cold truth. i have a cold... i took dayquil, but i still have a runny nose. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ] can't find theraflu? try alka-seltzer plus for fast, liquid, cold, and flu relief. megyn: an update of a father and his y
about? fiscal cliff? >> yes. >> trillions of dollars of spending cuts and tax increases that are going to happen when the ball drops on new year's eve unless president obama and congress come to a compromise. >> all right. so we're all doomed?. >> it's like the movie "saw" you have to cutoff your arm or die. so the day will come, they'll cutoffhe
that are going to happen next year. if policymakers don't address the fiscal cliff. one are significant spending cuts on defense and domestic spending. second is the expiration of the payroll tax cut and the middle class tax cuts and then a third, as we've been discussing, is the upper income tax cuts and there's a number of other provisions as well. one of those provisions is c.b.o. found that letting the upper income tax cuts expire would have the least effect on the economic growth. it would reduce by about $200,000 which sounds like a lot but the not so much. now, the reason is basically first, the upper income tax cuts, just the bush ones, don't raise that much revenue. it's about $800 billion over 10 years, $80 billion over a year. that's not so much money in terms of our overall economy. secondly wealthy people have less of a propensity to spend out of their marginal tax savings. and so they're unlikely to spend the money they save because of lower tax rates and therefore the money won't flow through the economy and therefore it will have less of an effect on all economic growth. caller:
. >> fiscal cliff. >> that dreaded fiscal cliff. >> stephen: yes, the dreaded fiscal cliff. an unavoidable money will technology the razor-sharp financial rocks below. it all started back in 2011 during the showdown over raising our debt ceiling when republicans wanted spending cuts and obama wanted to raise taxes. which led to a budget crisis that congress solved by not solving it. (laughter) instead, they handed it over to something called "the supercongress" which couldn't fail because it was super. (laughter) unfortunately it was also congress so it failed. (laughter) and as a result -- (applause) as a result -- (applause) as a result, folks, we are facing another thing called sequestration which at first sounds like rationing the amount you can watch "sea quest." (laughter) but it's even worse than that. (laughter) sequestration is automatic spending cuts that both sides agree would trigger a new recession. it's like congress put a gun to the economy's head and swore it will pull the triger if congress doesn't put its own gun down. (laughter) it's kind of like a mexican standoff witho
to the fiscal cliff. ed henry is live with us at the white house. what seem it is to be lost in this is the tax cuts going to expire. that's it. if they want to extend them on some, they can. but he will not allow it on people who make more. what part of this is confusing? >>reporter: a lot of other pieces that are confusing because no one wants to come to the table and work that out. if they just sat down they could probably figure this out. what republicans say they are frustrated about when the president talks about a balanced approach, they say in the campaign it was not just raising taxes on the rich but about cutting spending, that was the balanced approach. if you listened closely today the president focused on the tax changes in the short term, but suggested, then, we could wait for the spending cuts until next year. >> it would give us more time than next year to work together on a comprehensive plan to bring down our deficits, to streamline our tax system in a balanced way. that includes asking the wealthiest to pay more. >>reporter: republicans believe the president is saying he will
days of spending -- you get eight days of taxes. where are the cuts coming from? so-called fiscal cliff is a bipartisan deal, it's the root of a bipartisan deal and they ought to go on and take their medicine. we're trying to say right now we're going to trust the guys who came up with the fiscal cliff to get it right this time. there have been 18 debt and deficit commissions since 1980. >> so you're saying they came up with spending cuts that satisfied you, you would -- >> i would go to the clinton tax rates in a heartbeat if we got clinton's gdp spending rates. >> well, one of the things i think liberals are starting to resent also, wolf, is that we are fighting so hard over this sort of modest issue of tax cuts for the wealthy. and people are completely dismissive about how devastating really entitlement cuts in medicaid would be, cuts for daycare and teacher spending and other things. >> we can't solve the problem -- >> we're starting to feel a little ant si about as this ends up being only about tax cuts. >> we just heard from senator thune, number three republican in the senate. e
shes, the so-called fiscal cliff now in the short-term but wait for spending cuts later next year. take a listen. >> it would give us more time than next year to work together on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way. including asking the wealthiest americans to pay a little more. >>reporter: the president said he would be willing to have a framework in the short-term for spending cuts neck year but republicans likes speaker boehner are saying if you split all this up and only do the tax side and wait on the spend cuts until next year republicans are skeptical the spending cuts will ever actually materialize. this is all very critical because earlier today, erskine bowles, a budget expert who has become an influential figure, said he thinks that there is a two out of three chance that we are going to fall off the fiscal cliff it is a high probability. >>neil: gephardt think it is a possibility to kick the can down for three, six months, and let all of the cuts, delay the cuts, and delaney dressing on the rates for at le
after encouraging fiscal cliff talk from washington. listen. >> it's time for the president and democrats to get serious about the spending problem that our country has. but i'm optimistic that we can continue to work together to avert this crisis and sooner rather than later. >> i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. >> wow. that's optimism. there you go. right now the dow jones industrial average is higher by 72 points. 12,950. the nasdaq is also in positive territory by about 11 points. the s&p 500, and you can see the same intraday pattern all three sessions, moving higher into the close. higher by 5.5 points. should investors believe in a rally solely based on encouraging comments? >> in today's "closing bell" exchan exchange, we discuss that. michael, i'll begin with you. the gyrations in this market are extrord their. one guy speaks in d.c., the market goes down. somebody else speaks, the market goes up. how do you play this? >> well, we're about 50% cash. i think
these frightening details about what happens to the economy if we go off the fiscal cliff, a key point they say consumer spending would take a $200 billion hit next year. is there a growing sense, though, dana, that going off the cliff would be preferable to caving on issues that are important frankly to both sides? >> certainly the extremes on both sides are saying that it may be preferable. it is entirely possible that that's what will happen. sort of like those discussions of can we survive, you know, the nuclear winter. it is -- the good news is that a deal is fairly obvious what needs to be put into it. it's just a question of when the political will comes together. it can be done very quickly if people are willing to, but it does seem as if they are now preparing for the blame game that follows with the assumption that they're going off the fiscal cliff with whatever economic calamity comes with it. >> i want to bring in congressman peter defazio, a democrat from oregon. good morning. >> good morning. >> you're one of the folks who have said, correct me if i'm wrong, that republicans won'
if we go off the fiscal cliff we're looking at $200 billion less in consumer spending for 2013. how does wall street reacted? guest: that's huge. north of 70% of u.s. gdp, our measure of economic activity, more than 70% by some estimates is made up of consumer spending. consumers are a huge linchpin to our economy overall. the fiscal cliff is a huge amount of uncertainty for a lot of people out there because they just do not know what their situation financially will be like in the next one, two, six, even 12 months down the line. if you do not know how much money will have in your pocket, you are less likely to spend. we know this was a function of a lot of debt being taken on, consumer spending beyond their means. this delveraging process of consumers has taken its role, but we're seeing some positive signs. the real catalyst will be whether or not we have the confidence enough as consumers to go out there and spend. when the white house put out numbers like that, in essence what they are saying is if we do not get a resolution to and people do not feel certain, at least a little bit,
it this morning. investors, increasingly worried about that so-called fiscal cliff, of tax increases and spending cuts, looming at year's end. today, that and president obama will meet with a group of middle-class americans, hoping to convince congress to protect tax cuts for families earning less than $250,000 per year. >>> it will be another tough day of questioning for susan rice, the likely nominee to replace hillary clinton as secretary of state. rice, facing critics for a second-straight day. they say she misled the public after the attacks in libya. rice said she was using the cia information available to her at that time. but after talks yesterday, republican senators, including john mccain, say they are even more troubled, now, about rice's responses. >>> and after the repeal of the don't ask/don't tell ban on gays in the military, four women are challenging the ban on women in combat. their lawsuit claims the 1994 rule keeping them out of ground combat also unfairly blocks them from promotion. it comes as officers are on aer is survey, asking if women would be a distraction in combat op
say you're wrong. two or three americans, including a majority of republicans, say the fiscal cliff should be addressed with a mix, a mix of spending cuts, yes, but also tax increases and if there's no deal according to these polls, they're going to blame republicans more than they blame the president. all the best evidence right now suggests the public wants to see the republicans compromise on this tax question. so from a political standpoint, is it okay for lawmakers to ignore the pledge that they gave earlier? >> well, the challenge is that the pledge that they made and that every two years comes up again in campaigns, this is not an ancient pledge, these are pledges that get discussed every election cycle, democrats in the last two cycles have attacked all the republicans who took the pledge. so they have been reinforced in the fact that voters know that they made that commitment and they got elected making that commitment to voters. >> i just want to be precise on what you consider to be a tax increase. we know an increase in the marginal tax rates, that's a tax increase. but
goes over the fiscal cliff, it could cut spending over $200 billion. in other words if we come to a consensus financial plan and agree, it could be a $200 billion stimulus to our economy. having a plan in place would also give certainty to businesses and our markets, adding an additional stimulus. failing to take action could slow the growth of our real g.d.p. by 1.4 percentage points in to 13 and allowing the middle class tax cuts to expire would increase federal taxes on a typical middle class family of four by $2,200 in one year. it would throw the country back in recession and cause the jobless rate to go up. congress would be stuffing a big piece of coal into the stockings of americans by not coming together and getting a consensus plan. i yield back. the speaker pro tempore: the jeament yields back the balance of her time. the chair lays before the house a communication. the clerk: the honorable the speaker, house of representatives, sir, the purpose of this letter is to accept a position on the agricultural committee and tender my resignation from the natural resources c
over the fiscal cliff and get us on a long-term path towards greater budgetary taxing, spending, budgetary stability, sue. >> indeed, ty. i'm going to be fascinated to see what those ceos tell us and whether or not -- and what reception they got from the white house and what ideas they think might be able to bring both sides together. we're going to take a quick break and we'll be right back. the news conference will begin then. producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. at u.s. trust, our expertise extends well beyond investment advice and research analysis. it includes proprietary offerings like our eldercare program, which helps provide for those who came before you. and our financial empowerment program, which helps prepare those who come next. resources like these have made us the number-one trust company. that's wh
companies moving ahead of this fiscal cliff to pay their dividends out faster so people don't have to pay so much tax. let's face it. people on their boards don't haveo pay some much in taxes. that is what we have seen in many cases. does that go far enough? or will people be unloading dividend paying stocks, selling parts of their portfolio in advance of the day? >> every year uc capital gains seing and that type of activity in the markets. this special dividends that you talk about, part of that is getting ahead of the potential tax increases. anothepart of that isthe uncertaiy in the market. when the company is starting to give dividends back is because they're not applying hitting growth. at think that is a larger story asays that because there is all of this uncertainty you talk to a management team, ceo, cfo of a company in the are not sure about the longevity of their demand or are they going to apply money into new projects? cc them all back on projects spending or employment. nce they don't have the certainty, they're handing cash back to their shareholders. gerri: high-yield bonds.
quickly face the challenge of his second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, every single year. we would see over $5 million of cut to education, and almost $3 million of cuts from public housing. san francisco's allocation of medicare would be cut by $2 million. funding for the wic workforce program would lose almost $5 million. there would be a $1 million cut to housing services for people with hiv and aids and more than $1 million cut to the community development block grant program. ladies and gentlemen
protesting spending cuts on the far side of the fiscal cliff and what that would mean for aids funding specifically, there was a nude awakening. aids protesters march iing into house speaker john boehner's office to give him the naked truth. boehner, boehner, don't be a sick. budget cuts will make us sick. the budget cuts are really rude, that's why we have to be so lewd. they were trying to lay bare the potential cuts for aids, the protests also served to put a naked spotlight on a major statement expected tomorrow from secretary of state hillary clinton. on the occasion of world aids day, secretary clinton is due to unveil an aids free generation. secretary clinton will make that announcement on thursday morning, but in advance of that renewed commitment to fighting aids, this group, which is known for memorable protests any way, found a way to be more memorable today. one of the groups involved in today's event tweeted, watch naked aids activists take over boehner's office at congress. that was their tweet that you could watch them and you really could. you can watch the live stream
the opening bell. the futures suggest we're going be to be down nearly 40 points. of we have this fiscal cliff and it's a deadline, the tax increases and more huge spending cuts it seems like the two sides are on impasse it looks likes it's shifted to entitlement reform or cuts and no serious movements in the negotiations and check the big board, the opening trenddis down and we're looking for a 40 point loss when things get moving. i've always said that green mountain coffee, a great day trader's stock, huge volume in the past, and even more so today, after the company raised its forecast of how much money it's going to make in the future. look at that, nicole, was that 20%? >> oh, my goodness, what a day for green mountain coffee roasters and come out with numbers that beat on the top and bottom line, an outlook beyond the analyst expectations and their keurig and single k-cups of coffee are doing so well and you and i know a the lot of folks have been shorting the stock, but i just look back to 2003, and their performance, it's up every single year, with the exception of 2008 where he lost
. the fiscal cliff is a series of tax increases and spending cuts that economists predict could send the u.s. into a recession. former senator bob dole of kansas has been hospitalized. not many details were replaceleased. his name was mentioned on the senate floor today. dole over came disabling work injuries to perform his 26 year political career. >> hector camacho camacho died saturday after being shot outside a bar. during his career the flamboyant boxer had a long string of world titles. services will be held in new york where he grew up and that is also where he will be buried. it has been one accusation after another this former elmo puppeteer kevin clash. a third man came for word claiming that he had sex with him when he was only 16. he said they met on a gay chat line and they had a relationship until he was 18. the man claims he has suffered emotional and psychological problems. kevin clash has resigned any wrongdoing and has resigned from the voice of elmo earlier this month. there is a new challenge to defense apartment policy that restricts women from some combat positions. t
the debt problems in europe and the fiscal cliff crisis here in the u.s. stocks fell late today after senate majority leader harry reid said lawmakers are making little progress in resolving the stand-off over tax increases and spending cuts. the dow fell 89 points, the nasdaq lost nine, the s&p 500 down seven. >> tom: as susie mentioned, talks to resolve the fiscal cliff are moving slowly. one reason is that there is deep disagreement over whether entitlement programs like social security and medicare should be on the table right now or not, and the disagreement is sharpest over social security. darren gersh takes a look at why. >> reporter: the number-two man in the senate democratic leadership argues any fix for social security's finances should come after the immediate challenge is out of the way. >> i think we should take social security off the table for the current fiscal cliff and deficit discussion, but be very honest about what we're going to achieve in the near term. >> reporter: republicans pushed back, arguing social security is part of the deficit problem because it is n
if he's insisted on not cutting spending and going over the fiscal cliff. and the reason is the president is out campaigning. he's not being president. he spent the last year not being president. he was campaigning. now that he got reelected he is not being president again. he's not in d.c. negotiating as he said he was going to be. he's not doing campaign work again, and/or golfing. so now, where is this? i'm making two cases to the republicans and to the democrats who will listen. i believe that we should have been negotiations on the fiscal cliff. of course, that's two things. $500 billion tax increase of the 2001-2003 tax cuts lapse in, and the sequestration of spending restraint. sequestration is a good thing. you can massage it into devoted to saving $100 billion a year reducing the -- >> it's not a common republican 20 because of me a lot of defense cuts spent ahead of the of the conservative caucus, 60%, most conservative guys in the house jim jordan said the own thing worse than this request would be not to have savings. and you saw mitch mcconnell say we are not
. >> >> steve: funny. not true. fiscal cliff. what is the fiscal cliff. what that means right now all of the taxings for the most part are scheduled to go up and spending cuts are sposed to go in place and if that is not enough. democrats are insisting that alongg with the fiscal cliff there should be an agreement on raising the debt limit. >> brian: billionns or trillions. going to hit the ceiling. you want to know how it relate to you. it is 2000 per family and everyone making a certain amount of money. we could be heading to this. and it is not to anyone's ben benefit to go over the cliff. there is a push to how to get manage done. president of the united states is going on the campaign traill through a series of rallies. >> steve: to a tinker toy factory. >> brian: get yourself up to lincoln log jacks on the way home. >> gretchen: this is disconcerting once again. instid of members that we elect to congress to get things done for us. they can't sit in the room for a photoop and now back out on the campaign trial and people making youtube videos about what they think about the fisc
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